Category: Acts and Statutes

The Finance (Amendment) Act, 2018 [No. 12 of 2018]

Here are the key points of the Finance (Amendment) Act, 2018:

Amendments to the Customs Tariff Act, 1978:
The First Schedule of the Customs Tariff Act, 1978, is amended by repealing and replacing tariff rates under various headings.
Tariff rates for wheat or meslin flour under heading 11.0 are set at 10%.
Tariff rates for fruit juices and vegetable juices under heading 20.09 are set at 20%.
Tariff rates for waters, mineral waters, and aerated waters under headings 22.01, 22.02, and 22.03 are set at 35%.
Excise rates for tobacco products under heading 24.01, 24.02, and 24.03 are set at 35%.
Amendments to the Excise Act, 1982:
The First Schedule of the Excise Act, 1982, is amended by repealing and replacing excise rates under heading 2203.
Excise rates for beer made from malt are specified, with different rates for stout & porter and beer, both being less than 10% alcohol content.
These amendments revise the tariff rates for various goods and the excise rates for beer and tobacco products, aiming to adjust the taxation policies outlined in the Finance Acts of 2008, 2017, and 2018, along with other related matters.

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The Supplementary Appropriation Act, 2018

The Supplementary Appropriation Act, 2018 is summarized as follows:

Purpose: This Act provides supplementary provisions for the services of Sierra Leone for the year 2018.
Amendment to the Appropriation Act, 2017:
The Act acknowledges that the Appropriation Act, 2017, allocated a specific sum for the services of Sierra Leone for 2018.
It states that there’s a need for an additional sum of eighty-four billion three hundred and eighty-eight million two hundred and ninety-one thousand four hundred Leones in excess of the 2017 allocation.
Legal Basis:
The Constitution of Sierra Leone and the Public Financial Management Act, 2016, mandate the submission of supplementary estimates to Parliament when the allocated funds are insufficient or unforeseen expenditures arise.
The Financial Management Regulations, 2007, require approval from the Minister for unforeseen or urgent expenditures.
Allocations:
Specific allocations are provided for various government functions and services, including youth and sports services, solid waste management, agriculture, rural water services, health care, fisheries, and marine resources.
Development activities such as water supply projects, civil registration, electrification of city and district headquarters, and rehabilitation of streets are also funded.
The total sum voted under the Supplementary Appropriation Act is one hundred ninety-seven billion five hundred ninety-eight million six hundred ninety-six thousand Leones.
This Act enables additional funding for various sectors and projects vital for Sierra Leone’s development and welfare during the fiscal year 2018.

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The Bank of Sierra Leone Act, 2019 [No. 5 of 2019]

The Bank of Sierra Leone Act, 2019 outlines key provisions regarding the continuation, objectives, functions, and administration of the Bank. Here are the summarized key points:

Interpretation and Application: The Act defines key terms and specifies its application to the operations of the Bank, its offices, agents, and financial institutions in Sierra Leone. It prevails over other Acts relating to banking in case of conflict.
Continuation of the Bank: The Act continues the existence of the Bank of Sierra Leone as a body corporate with perpetual succession, capable of acquiring, holding, and disposing of property. It is autonomous and accountable in its functions.
Objective and Functions: The objective of the Bank is to issue and manage Sierra Leone’s currency, maintain price stability, foster a stable financial system, and support the government’s economic policy. The Bank’s functions include formulating and implementing monetary policy, acting as a banker and fiscal agent for the government, regulating financial institutions, and conducting foreign exchange operations.
Administration: The Act establishes a Board of Directors consisting of the Governor (Chairman), Deputy Governors, and non-executive directors appointed by the President. Members must possess integrity and expertise in economics, finance, banking, accounting, or law. Certain eligibility criteria are outlined, and removal from office can occur under specified conditions.
Place of Business: The Bank’s principal place of business is in Freetown, with provisions for establishing branches, appointing agents, and establishing offices both within and outside Sierra Leone.
Overall, the Act provides a comprehensive framework for the functioning and governance of the Bank of Sierra Leone, ensuring its autonomy, accountability, and effectiveness in fulfilling its mandate.

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The Consumer Protection Act, 2020 [No. 7 of 2020]

The Consumer Protection Act, 2020, aims to safeguard and advance consumer interests through the establishment of the National Consumer Protection Commission and other relevant measures. Key points include:

Scope and Definitions: The Act applies to goods and services provided in trade or commerce within Sierra Leone. It defines various terms crucial to understanding consumer rights and responsibilities, including “consumer,” “supplier,” and “unfair supplier conduct.”
Establishment of the Commission: The Act creates the National Consumer Protection Commission of Sierra Leone as a corporate body with perpetual succession. The Commission is empowered to take legal actions, acquire property, and perform necessary functions to carry out its mandate.
Composition of the Commission: The Commission comprises appointed members, including a Chairman, a Deputy Chairman, and representatives from relevant bodies such as the Ministry and the Bar Association. Appointments are made by the President based on the Minister’s recommendation and Parliament’s approval.
Functions and Powers: The Commission is tasked with various responsibilities, including adjudicating consumer disputes, conducting investigations, and promoting consumer education and awareness. It is empowered to issue substantiation notices and take actions against unfair supplier conduct.
Adjudication and Enforcement: The Act establishes mechanisms for resolving disputes between consumers, service providers, and suppliers, including the appointment of adjudicators and the enforcement of decisions.
Regulatory Framework: The Act provides a regulatory framework to address issues such as credit contracts, auction sales, and pyramid schemes, ensuring that consumers are protected from unfair practices in the market.
Overall, the Consumer Protection Act, 2020, seeks to create a robust legal framework to promote fair and transparent interactions between consumers and suppliers, ultimately enhancing consumer confidence and welfare in Sierra Leone.

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The Supplementary Appropriation Act, 2020 [No. 6 of 2020]

The Supplementary Appropriation Act, 2020, revises and provides additional funds for the services of Sierra Leone for the year 2020. Key points include:

Purpose of the Act: The Act addresses the need for additional expenditure beyond what was initially provided for in the Appropriation Act, 2019. It authorizes a further sum of one trillion six hundred and sixty-seven billion six hundred and forty-one million eight hundred and ninety-two thousand Leones from the Consolidated Fund for the year 2020.
Legal Basis: The Act is enacted in accordance with constitutional provisions and financial management regulations, which require supplementary estimates to be laid before Parliament and appropriated through a Supplementary Appropriation Act when the initially allocated funds are insufficient.
Allocation of Funds: The Act specifies that the authorized sum is granted to the President for the period of July to December 2020 and outlines the services for which these funds are intended, as detailed in the First Schedule.
Charging of Funds: The Act declares that the allocated sum is charged upon and payable from the Consolidated Fund for the specified period, with payments authorized by the Minister of Finance.
Implementation: The Act empowers the Accountant General to make payments from the Consolidated Fund, upon the Minister of Finance’s warrant, to cover the excess expenditure as specified in the First Schedule.
Overall, the Act aims to ensure that necessary funds are available to meet the financial requirements for the specified period in 2020, addressing unforeseen needs and ensuring effective financial management.

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